# NFA Creditor Robustness: World Rate Control

Tests whether the negative creditor NFA coefficient on the non-trade residual (CA − goods & services trade)
reflects yield compression (stronger when global rates are low).

## Creditor Subsample Results

| Model | nfa_positive coef | SE | p-value | N | Countries |
|-------|-------------------|-----|---------|---|-----------|
| M7 creditor base | -0.916 | 0.357 | 0.011 | 743 | 58 |
| + world real 10y rate | -0.807 | 0.363 | 0.027 | 551 | 47 |
| + nfa_pos × world_rate | -0.710 | 0.527 | 0.178 | 551 | 47 |

## Interaction Test

| Variable | Coef | SE | p-value |
|----------|------|----|---------|
| nfa_pos × world_rate | -0.041 | 0.162 | 0.799 |

The interaction is null (p=0.80) and has the wrong sign for yield compression.
The negative creditor coefficient is robust to the world rate control (12% attenuation)
but is not specifically attributable to global yield compression.